Daqo New Energy’s main unit sees 70% fall in 2023 profit

The main subsidiary of Chinese solar-grade polysilicon producer Daqo New Energy Corp (NYSE:DQ) expects to report an year-on-year drop of between 69.7% and 70.2% in attributable net profit for the full fiscal year through December 2023.

To be more precise, Xinjiang Daqo New Energy, in which the company beneficially owns an equity interest of about 72.4%, estimates that under PRC GAAP, the net profit attributable to its shareholders will be between CNY 5.7 billion (USD 797m/EUR 735m) and CNY 5.8 billion.

For comparison, the previous year’s profit amounted to CNY 19.12 billion.

Founded in 2007, Daqo New Energy operates polysilicon production facilities with a total nameplate capacity of 205,000 metric tonnes. It says that the majority of its revenue and net income comes from Xinjiang Daqo.

(CNY 10 = USD 1.398/EUR 1.290)

Choose your newsletter by Renewables Now. Join for free!